The present invention is related to data analysis systems and techniques. More particularly the present invention is related to analyzing data received from various social media platforms to assist in forming a strategy for various products and businesses.
In recent times, there is increasing awareness of the role of social media in influencing customers and business stakeholders. The presence of social media platforms has matured to becoming a key component of marketing strategy. The increasing volume of information existing on social media platforms such as Facebook, Twitter, etc. available today reinforces the need to develop the correct strategy for customers. Factors like social buzz, trends, consumer feedback and opinion, market sentiments need to be integrated into any business decision.
Most business organizations are now keen to accurately identify its online customer base, effectively communicate with their existing customers, understand a tone of market response to their business, manage vast expanse of information and, discover the impact of social media on the overall business.
However, some of the important challenges with existing solutions are the difficulty in accurately identifying impact sources for business outcomes and objectives and aligning social media intelligence with business goals. There is also an inability to present statistics in a comprehensible way to users. Moreover, managing vast expanses of data to derive meaningful insights to support business processes and use cases are also hard to achieve.
Therefore, there is a need for a system and a method that can process information retrieved from various social media platforms to determine a response to a business or a product. Also, there is a need to represent and classify such information in an accurate and effective way to users, which will enable them to make the right business decisions.